All Forum Posts by: Kim Bayless

A problem with credit unions (that I learned the hard way) is that they don't work like a bank when dealing with LLCs. They require you to personally become a "member" before they will set up accounts/loans for the LLC. And you remain personally liable, under that status as "member", for everything. Which pretty much defeats the purpose of the LLC. I personally will never use credit unions in a business capacity again. They are fine for personal use.

I've scanned the forum but don't really see the answer to my situation.  I just bought a townhome via auction that is occupied with tenants.  The home was foreclosed to the bank, then the bank auctioned.  From what I understand, I have to honor whatever their current lease is.

How do you normally get this information?  Trust the tenants to provide the lease paperwork?  What if they haven't been paying during the foreclosure process?

I would prefer to flip the unit rather than hold for rental, so I'd like to get the renters out.  If they refuse Cash For Keys, and want to keep paying......can I legally make them leave?

Welcome! I'm in GA also, mostly active in Paulding but starting to venture into west Cobb as well (Powder Springs). If you find any wholesale deals in that area, I'm interested! Rehab or buy/hold.

This totally depends on the loan terms from your lender. Many peoples' situation changes after they buy a home planned as their main residence (moving, job change, etc) and they successfully convert it to rental.

It depends on how much you trust their "guarantee" of clear title later. Or how you have it written up. And how much it would cost to sue for your money back if something happens. Just be careful.

I personally set a limit of 4 people in 2 bedroom, but I might make exceptions on a case by case if they have small children that puts the over the limit. You just don't want to end up with a bad living situation fro too many people.

If they aren't a problem, and are paying, I wouldn't be in a hurry to evict. Unless the place needs work. Then offer them a bonus to move and not put up a fight.

Hello Brandon! Fellow Atlanta area here. Second the advice on getting in with a local REIA, I've learned a lot. I'm still new to the area but not new to real estate, I'm also getting back in after some down time.

It sounds like the bank didn't finish their paperwork. An HOA can foreclose ahead of a bank with first mortgage, but usually the bank will pay them off because they have the larger stake in the property. Happened twice in my building that HOA foreclosed then title went to bank.

I will add that I talked with the company, and was assigned to a local "coach" to complete the recruiting process. The training program is expensive, and once you are done you split the profits 50/50 on all mentored deals. After going to only two REIA meetings, I realized you can learn this with some diligence on your own. You can also shop for a mentor in your local network, if that's what you prefer. For much less money.